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GOP Platform Adds a Cat Policy Plank

The Republican Party adopted language in their platform calling for a "natural disaster insurance policy." The plank was added during the Republican convention in St....
September 10, 2008

The Republican Party adopted language in their platform calling for a "natural disaster insurance policy." The plank was added during the Republican convention in St. Paul, Minnesota, days after Hurricane Gustav hit Louisiana. It did not lay out a specific approach, but noted that "we recognize the need for a natural disaster insurance policy." Republican presidential nominee John McCain has said repeatedly that he is opposed to the Homeowners' Defense Act of 2007 (H.R. 3355) to create a natural catastrophe fund. The bill would allow states to pool catastrophe risks and then transfer them to the private market through the sale of catastrophe bonds or purchase of reinsurance. It passed the House by a 258-155 margin last November, but is stalled in the Senate where it faces opposition from Republicans and a veto threat by the White House. Democratic presidential nominee Barack Obama has endorsed the bill. McCain said he's open to a "Gulf States Compact" or other regional alternative to a national catastrophe insurance fund.

GOP Platform Adds a Cat Policy Plank (National Underwriter 9/4/08)

McCain Still Opposes Disaster Fund (Palm Beach Post 8/18/08)

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